CubeSmart (CUBE) 10-Q 2011 Q3 Quarterly report

Exhibit 12.2

CubeSmart L.P.

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Year Ended December 31,															Nine Months Ended September 30,
	2006			2007			2008			2009			2010			2010			2011
Earnings before fixed charges:
Add:
(Loss) income from continuing operations	$	(19,746	)	$	(26,737	)	$	(25,837	)	$	(19,302	)	$	(9,851	)	$	(11,578	)	$	3,054
Fixed charges - per below	49,695			56,192			54,192			47,831			44,539			34,262			30,976
Less:
Capitalized interest	(35		)	(108		)	(99		)	(73		)	(132		)	(107		)	(58		)
Earnings before fixed charges	29,914			29,347			28,256			28,456			34,556			22,577			33,972
Fixed charges:
Interest expense (including amortization premiums and discounts related to indebtedness)	47,600			55,880			53,943			47,608			44,257			34,042			30,805
Early extinguishment of debt	1,907			—			—			—			—			—			—
Capitalized interest	35			108			99			73			132			107			58
Estimate of interest within rental expense	153			204			150			150			150			113			113
Total Fixed Charges	49,695			56,192			54,192			47,831			44,539			34,262			30,976
Ratio of earnings to fixed charges (a)	0.60			0.52			0.52			0.59			0.78			0.66			1.10

(a)  Due to our losses in fiscal 2006, 2007, 2008, 2009 and 2010 the coverage ratio was less than 1:1.  The Operating Partnership must generate additional earnings of $19.8 million, $26.8 million, $25.9 million, $19.4 million, $10.0 million, and $11.7 million to achieve a coverage of 1:1 in fiscal 2006, 2007, 2008, 2009, 2010 and the nine months ended September 30, 2010, repectively.